Time is your friend; impulse is your enemy.

Rely on the ordinary virtues that intelligent, balanced human beings have relied on for centuries: common sense, thrift, realistic expectations, patience, and perseverance.

"Now you can trade the S&P 500 Index in real time" was the slogan in the newspapers for the first ETF. What kind of nut would do that?

If you're very talented and keep winning, you'll do just fine. It may take a while. But the talent is hard to identify and talent is hard to tell from luck. There's an awful lot of luck in this business. Past performance is not helpful in judging future performance.

Managed funds are astonishingly tax-inefficient.

If the data do not prove that indexing wins, well, the data are wrong.

The transfer of Wall Street from private ownership to public ownership has been a big step backward.